ATLANTA — Starting today, parents can build a new kind of savings account for their children.
The new Trump Accounts, called 530-As, are for babies and some young children to invest and grow money from a young age.
President Donald Trump announced the accounts on Monday after opening the trading of the New York Stock Exchange and Nasdaq from the Oval Office.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
“This is very exciting, an amazing achievement," he said.
Parents can start a Trump Account in their child’s name and American babies born last January through 2028 will get $1,000.
Channel 2 Consumer Adviser Clark Howard describes it as free money.
“They are eligible for 1,000 free dollars from your fellow taxpayers," Howard described. “And it grows for your kid.”
Parents and employers can contribute up to $5,000 a year after tax.
Howard says before you do that, make sure to consider all the options like education 529s and IRAs.
TRENDING STORIES:
- PHOTOS: Metro Atlanta home sells for record-breaking $9.75M
- Drowning victim at Georgia lake on July 4 weekend identified
- 40-year listings: Real estate company accused of deceptive practices banned in Georgia
“Do you want to do anything beyond the free money the government might give you or that an employer might give you? Typically not. There are better ways for you to put money aside for your kid other than a Trump account,” Howard said.
Kids in some ZIP codes could be eligible for an additional $250.
Michael Dell, the CEO of Dell, and his wife, Susan, contributed $6,250,000,000 to support children.
In Atlanta, the Dell Foundation believes that 70,000 children will be eligible for an additional $250.
You can click here to register for a Trump Account and here to see if your ZIP code is eligible for additional funds.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
©2026 Cox Media Group
